2013: fraud drops, ID crime remains a major issue

Thursday 23 January 2014 00:37 CET | News

In 2013, fraud in UK has decreased by 11%, but it still remains at a much higher rate than in pre-recessionary times, recent findings indicate.

According to data from CIFAS, the UK’s Fraud Prevention Service, the 11% drop in fraud levels is proof of the positive preventative impact of counter fraud measures such as data sharing. However, the same source points out that fraud has not necessarily ceased to exist.

Results show that more than 221,000 confirmed fraud attempts have been identified during 2013 and 60% of these are down to identity crimes, where fraudsters use a person’s identity data to impersonate them (identity fraud) or hijack an individual’s existing account (facility takeover fraud). There were more than 108,000 individual instances of identity fraud, a drop of 12% on the year.

The survey also unveils that fraud attacks against mail order and bank accounts have experienced sizeable decreases, while loan and plastic card (including store and credit cards) accounts have seen notable surges. Plastic cards are now the product most commonly targeted by fraudsters, up by 24% from the levels of 2012 and accounting for 30% of all confirmed fraud in 2013.

According to CIFAS, changes in annual patterns of fraud occur each year: 2013, however, was notable. While bank accounts were the most commonly targeted product, levels of fraud have reduced when compared with 2012.

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Keywords: online fraud, ID crime, CIFAS, e-identity, UK
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime